BBVA Chairman Torres on Sabadell Bid, M&A Plans, Continuity

Takeover Bid & Shareholder Decision - Sabadell shareholders decided against the takeover bid, which BBVA fully accepts [2][3] - Retail shareholder behavior might have been influenced by expectations of a second cash offer [2] - Passive funds might not have tendered as expected [3] Strategic Plan & Financial Performance - BBVA has been delivering record results with a 30% annual net travel profit growth rate over the past three years [9] - BBVA is growing market share across different segments in Spain, with a 6% annual loan book growth rate in the last 12 months [10] - BBVA approved an ambitious strategic plan with goals for 2025-2028, including a 22% return on tangible equity and a 15% annual increase in tangible book value [11] - BBVA aims for a net attributable profit of $48 billion to maintain its lead in the European banking sector [11] Capital Return & Shareholder Value - The lapsing of the Sabadell takeover bid removes restrictions on shareholder distributions, leading to an immediate acceleration of capital return [12] - BBVA will start a €1 billion share buyback on October 31st, along with an interim dividend payout, totaling €28 billion [13] - BBVA plans a sizeable new share buyback program pending ECB approval [14] - Since the current chairman took office, shareholders have multiplied their value by five, exceeding European peers' 33% multiple [18] Future Strategy & Leadership - BBVA is now focused on executing its strategic plan based on organic growth and returning excess capital above the 12% target to shareholders, not on M&A [16][17] - The current chairman intends to continue leading BBVA with the full backing of the board and management team [17][19]